Queensland Audit Office
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1 Queensland Audit Office Asset Management: An Auditor s Perspective Patrick Flemming Local Government Sector Director 6 August 2015
2 Where were we 25 years ago?
3 Where was local government 25 years ago? 2005 Australian adopts international financial reporting requirements 2009 Australian Infrastructure Financial Management Guidelines 2010 Australian auditing standards significantly revised 2012 Long-term financial sustainability statements published in annual report Accrual accounting introduced for Qld local governments 2006 LG ministers round table on council financial sustainability 2009 Qld AG gets full performance audit mandate 2010 Requirement for long term AMP and financial forecast for Qld councils 2012 Audit certification introduced for current year financial sustainability ratios
4 Why is QAO talking about Asset Management? Queensland Parliament Finance and Administration Committee Public sector entities Auditor-General of Queensland
5 Reports on Local Government Audits Annual stand-alone report on council audits: Summarises the results of our financial statement audits of all entities in the local government sector Provides insights into what we believe are the most significant financial reporting issues facing the sector
6 Asset Management Asset management is a cornerstone of long-term financial sustainability the benefits of robust asset management is not clearly understood across the sector compliance cost v business benefit we recommend to the Department that they assist councils by providing training, better practice guides or sourcing external expertise
7 Infrastructure: key attributes specialised complex, integrated components long-lead times to acquire long-lived high up-front capital outlays significant ongoing capital and recurrent costs low or nil residual market values potentially significant remediation costs
8 Major non-current asset issues. Valuation Issues 41% Other Issues 80% PP&E 20% Asset Accounting 26% WIP 10% Asset Data 16% AMP 7%
9 LG Report: Key Findings 1/3 Councils in the last two financial years reported prior period errors >$780m most of which related to de-recognition of infrastructure assets or asset data cleansing 66% Councils had major control issues related to asset values and asset data Management reporting could be improved for optimal asset management decision making 40% of Councils did not have an up to date asset management plan
10 Management reporting on assets Key financial ratios and trends were not reported by 45 per cent of councils. These ratios provide insights into council's financial health and long term financial sustainability. Key ratio s in relation to asset management include: Asset Consumption Ratio Asset Renewal Funding Ratio
11 Infrastructure asset value p/lg Area Population Financial Governance Assessment
12 Better practice framework for AMP s
13 Performance Audits Assess whether the entity s objectives are being achieved economically, efficiently and effectively and in compliance with all relevant laws Three year Strategic Audit Plan Previous Reports: Report 14 for Maintenance of Water Infrastructure Assets Report 11 for Maintenance of Public Schools
14 Maintenance of Water Infrastructure Assets
15 Manufactured water assets: costs Gold Coast Desalination Plant Actual Western Corridor Recycled Water Scheme Actual 100% Yield (ML) Fixed costs ($ millions) Finance/borrowing costs Capital cost (depreciation) Operating and maintenance costs Variable costs ($ millions) Operating and maintenance costs Total fixed and variable ($m) Fixed cost per megalitre ($/ML) Variable cost per megalitre ($/ML) Full cost per megalitre ($/ML)
16 Maintenance of Public Schools
17 Maintenance funding Millions Total school maintenance budget 1% of ARV 1.5% ARV
18 Predicted maintenance backlog after program Millions Total school maintenance budget Predicted maintenance backlog after AoSM & FoS Maintenance backlog - original forecast before AoSM MMF recommended minimum of 1% of ARV Maintenance backlog - actual
19 We have delivered: Financial Audit: LG Report Performance Audit: Maintenance of Water Infrastructure Assets Key QAO Reports on Asset Management Financial Audit: LG Report Performance Audit: Maintenance of Public Schools
20 Future performance audits Forecasting Long Term Sustainability - to be tabled in focus on 10 year forecast Operating Surplus Ratio Asset Sustainability Ratio Net Financial Liabilities Ratio
21 Session Wrap Up
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